F14 — Revenue Stack

Eight Streams, Stacked and Switchable

This page answersWhich streams actually carry the business?

Every stream can be switched off. A stream you do not believe in should be removed, and the case should still stand on what remains.

Scenario

Assumptions are shared across every financial page — change one, all outputs recalculate.

131–133 — Stack

Aggregated revenue by stream

Include stream

ASSUMPTION

Revenue stack

MODEL OUTPUTLOW CONFIDENCE

Marketplace take rateUS$5.4M

9.9% of included revenue · Transactional

Travel commissionUS$21.5M

39.6% of included revenue · Transactional

Consumer premium subscriptionUS$4.0M

7.3% of included revenue · Recurring

Merchant SaaS subscriptionUS$15.6M

28.7% of included revenue · Recurring

Affiliate commerceUS$3.4M

6.3% of included revenue · Attributed

Insurance referralUS$1.0M

1.8% of included revenue · Referral

Advertising & retail mediaUS$2.4M

4.4% of included revenue · Sponsorship

Data licensing & APIUS$1.1M

2.1% of included revenue · Contracted

US$54.3MMODEL OUTPUT

Included revenue

38.0%MODEL OUTPUT

Recurring share

84.6%MODEL OUTPUT

Weighted stream margin

135 — Margin quality

Not all revenue deserves the same multiple

Stream	Revenue	Character	Contribution margin	Multiple treatment
Marketplace take rate	US$5.4M	Transactional	62%	Discounted revenue multiple
Travel commission	US$21.5M	Transactional	85%	Discounted revenue multiple
Consumer premium subscription	US$4.0M	Recurring	90%	ARR multiple
Merchant SaaS subscription	US$15.6M	Recurring	88%	ARR multiple
Affiliate commerce	US$3.4M	Attributed	93%	Discounted revenue multiple
Insurance referral	US$1.0M	Referral	95%	Discounted revenue multiple
Advertising & retail media	US$2.4M	Sponsorship	80%	Discounted revenue multiple
Data licensing & API	US$1.1M	Contracted	92%	ARR multiple

134 — Data and API

Data licensing economics

Assumptions

ASSUMPTION

API and data customers8

Average annual contract valueUS$140,000

What is actually licensable

· Verified pet-policy data for hotels, restaurants and venues — structured, current and expensive to rebuild.
· Aggregated demand signals by metro and category, sold to insurers, retailers and hospitality groups.
· Availability and booking APIs embedded in travel and property platforms.
· No personal data is licensed. Every product above is venue-level or aggregate.

API revenue at current inputs: US$1.1M across 8 contracts.

Switching off a stream removes it from this page's totals only. Other pages use the full engine output, and each states which streams it includes.

Investor implication

If every non-recurring stream is switched off, the business still produces US$20.7M of contracted recurring revenue. That residual is the floor an acquirer should value first.